Definition of credit transfer in English:

credit transfer

noun

1A system whereby successfully completed units of study contributing towards a degree or diploma can be transferred from one course to another.

‘These qualifications will be made up of European credits or study modules known as ECTS (European credit transfer system), which will be recognised Europe-wide.’

‘As a migrating student, you must first take admission in the first year of the university concerned, and then apply for credit transfer.’

‘His study of the introduction of a credit transfer scheme in one university looked at what he called ‘ground level’ academics.’

‘It is also pursuing formal credit transfer arrangements with universities so you can convert your qualifications into a university qualification.’

2British A direct payment of money from one bank account to another.

‘Wages are payable by direct credit transfer to your bank account each Tuesday for the week ending the previous Friday before last.’

‘The savings on cross-border payments will apply only to those who make cross-border payments by credit transfer.’

‘Every year more people ask for their benefits to be paid direct to a bank by automatic credit transfer, because they find it convenient.’

‘Benefits were being paid to her daughter of £330 per week direct by credit transfer.’

‘The bank giro credit, or the individual credit transfer form, is the basic facility used by the banks in money transfer operations.’

‘The increasing payment of benefits and pensions by credit transfer means people do not go into post offices so much.’

‘Such payments were made monthly by credit transfer;’

‘Over-the-counter payments have been replaced with direct credit transfers for 90 per cent of customers in the last year.’

‘D does not acquire cash from P, but is the recipient of either a credit transfer or a cheque.’

‘The cost of credit transfers and paper transactions has increased and this could more than subsidise the cost of any other reductions.’

‘These culminated in payment by credit transfers in the books of third parties.’

‘But its new services will be limited to electronic payments for a number of weeks as it will not become a full member of the paper-based aspect of the clearing system, which governs cheques and credit transfers, until early November.’

‘The abundant use of credit and barter and credit transfers between multiple parties testifies not only to an absence of cash but also to the interdependencies of neighbours.’

‘Bookkeeping accompanied by signed receipts would memorialise and facilitate credit transfers that remained unsettled for many years.’

‘Records of such credit transfers (kept by either of the parties) would in time evolve into two accounting entries.’

‘The sequence of banking operations involved in payment turns, in part, on whether there is a credit transfer or debit transfer.’

‘In recent months many owners of combined village shops and post offices have expressed disquiet to me over the forthcoming switch of cash benefits to automated credit transfer from April this year.’

‘The 18 September entry is another example of a three-party credit transfer.’